The reassessment shall not be recorded until the occurrence of either of the following:
(a) The holders of all original bonds and coupons contract by bondholders’ proposal or otherwise to exchange their bonds and coupons in the proceedings.
(b) If they do not so contract, adequate provision is made pursuant to this chapter for the retirement or payment of the bonds and coupons of nonconsenting holders or their bonds have been subjected to retirement or payment by decree or order of court pursuant to federal bankruptcy laws.